Emmons v. Commissioner
United States Tax Court
1. Petitioner in 1928, 1929 and 1930 loaned money to a friend and associate who was in the real estate business. The debtor became heavily involved and went into bankruptcy in 1931. Petitioner's debt was scheduled as a secured debt but the trustee in bankruptcy reported to the court that the alleged security had no value and nothing was paid on it.
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1. Petitioner in 1928, 1929 and 1930 loaned money to a friend and associate who was in the real estate business. The debtor became heavily involved and went into bankruptcy in 1931. Petitioner's debt was scheduled as a secured debt but the trustee in bankruptcy reported to the court that the alleged security had no value and nothing was paid on it. After the debtor's discharge from bankruptcy in 1931 he acknowledged his continued indebtedness to petitioner in a letter addressed to petitioner. The debtor never paid anything on the debt, all the collateral had become worthless prior to the year…
1Opinion of the Court
Harold H. Emmons v. Commissioner.
Emmons v. Commissioner
Docket No. 110123.
United States Tax Court
1943 Tax Ct. Memo LEXIS 478; 1 T.C.M. (CCH) 515; T.C.M. (RIA) 43054;
January 30, 1943
1. Petitioner in 1928, 1929 and 1930 loaned money to a friend and associate who was in the real estate business. The debtor became heavily involved and went into bankruptcy in 1931. Petitioner's debt was scheduled as a secured debt but the trustee in bankruptcy reported to the court that the alleged security had no value and nothing was paid on it. After the debtor's discharge from bankruptcy in 1931 he acknowledged…
2Cases cited3 opinions
- Spratt v. CommissionerUnited States Board of Tax Appeals · 1941
- Cross v. CommissionerUnited States Board of Tax Appeals · 1930
- Stein v. CommissionerUnited States Board of Tax Appeals · 1926